Advance receipts or prepayments must be declared on the foreign exchange management platform for more than 30 days, otherwise it will affect your settlement. Moreover, it can be reduced from class A households to class B or C households, and it is very troublesome to go to the foreign exchange bureau to fill out forms for every transaction in the future. So try to follow the rules.

function

Promote the development of international economy and trade.

Adjust the surplus and deficiency of international funds.

It is an important part of a country's international reserves and the main means of payment to pay off international debts.

Extended data universal classification

According to the degree of restriction: it is divided into freely convertible foreign exchange, limited freely convertible foreign exchange and bookkeeping foreign exchange.

Freely convertible foreign exchange is the most used foreign exchange in international settlement, which can be bought and sold freely in the international financial market, can be used to pay off creditor's rights and debts in international finance, and can be freely converted into currencies of other countries. Such as US dollars, Hong Kong dollars and Canadian dollars.

Limited freely convertible foreign exchange refers to foreign exchange that cannot be freely converted into other currencies or paid to a third country without the approval of the issuing country. According to the regulations of the International Monetary Fund, all currencies with certain restrictions on international current payments and capital transfer are restricted freely convertible currencies. More than half of the national currencies in the world are limited convertible currencies, including RMB.

Bookkeeping foreign exchange, also known as clearing foreign exchange or bilateral foreign exchange, refers to foreign exchange deposited in bank accounts designated by both parties and cannot be converted into other currencies or paid to third countries.

According to source use: it is divided into trade foreign exchange, non-trade foreign exchange and financial foreign exchange.

Trade foreign exchange, also known as physical trade foreign exchange, refers to foreign exchange derived or used in import and export trade, that is, international payment means formed by international commodity circulation.

Non-trade foreign exchange refers to all foreign exchange except trade foreign exchange, that is, all foreign exchange that is not derived from or used for import and export trade, such as labor foreign exchange, remittance, donation foreign exchange, etc.

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